The composition of Marine and Aviation Insurance business is as mentioned below. The premium value of marine Cargo, Hull and Aviation has increased this year.
Chart 4.7.1Marine & Aviation Insurance
Table 4.7.1Marine & Aviation
| 2022-23 | Value |
| No. Of Policies | 12,63,465 |
| GDPI (in Cr) | 5,951 |
| No. Of Claims Reported | 4,11,395 |
| No. Of Paid Claims | 3,81,909 |
| Amt of Paid Claims (in Cr) | 4,004 |
Source: Council Compilation as per source
data submitted by companies
For marine cargo, the NIC and GIC ratios have decreased by 5.30% and 12.40%, respectively as compare to the previous year.
Chart 4.7.2Gross & Net Incurred Claims Ratio - Marine (Cargo)
Source: Council Compilation as per source
data submitted by companies
Chart 4.7.3Gross & Net Incurred Claims Ratio - Marine (Hull)
Source: Council Compilation as per source
data submitted by companies
In the fiscal year 2022–2023, the aviation sector’s NIC ratio went up by almost 19%.
Chart 4.7.4Gross & Net Incurred Claims Ratio - Aviation
Source: Council Compilation as per source
data submitted by companies
Chart 4.7.5Rural vs Urban Premium - Marine & Aviation
Source: Council Compilation as per source
data submitted by companies